Question 3 - (3 marks - show calculations) You are working at Grey Company. You purchased a house in 2020. Gray Company gave you a housing loan on May 1, 2020 for $80,000 at a rate of 2 percent interest. You pay the interest on the loan every month. The 2020 prescribed interest rates are as follows: First quarter Second quarter Third quarter Fourth quarter 5% 4% 3% 3% What is your taxable benefit on the above loan for 2020? A) Nil. B) $267.40. C) $670.68. D) $1,073.97 E) $2,147.95. F) $667.40. Question 3 - (3 marks - show calculations) You are working at Grey Company. You purchased a house in 2020. Gray Company gave you a housing loan on May 1, 2020 for $80,000 at a rate of 2 percent interest. You pay the interest on the loan every month. The 2020 prescribed interest rates are as follows: First quarter Second quarter Third quarter Fourth quarter 5% 4% 3% 3% What is your taxable benefit on the above loan for 2020? A) Nil. B) $267.40. C) $670.68. D) $1,073.97 E) $2,147.95. F) $667.40